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October 5, 2020 11:54 pm
IRS Interest Rates Unchanged for Q4 2020
The IRS has announced that the interest rates applicable to overpayments and underpayments of federal taxes are the same in the fourth quarter of 2020 as they were in the third quarter of 2020 (Rev. Rul. 2020-18). The rates are:
- 3% for overpayments by individuals and other noncorporate taxpayers
- 2% for overpayments by corporations
- 0.5% for the portion of a corporate overpayment exceeding $10,000;
- 3% for underpayments; and
- 5% for large corporate underpayments
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Tax Glossary
Foreign tax credit
A credit for income taxes paid to a foreign country or U.S. possession. 401(k) plan. A deferred pay plan, authorized by Section 401(k) of the Internal Revenue Code, under which a percentage of an employee’s salary is withheld and placed in a savings account or the company’s profit-sharing plan. Income accumulates on the deferred amount until withdrawn by the employee at age 59?
